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Enthused by the recent hydrocarbon discoveries on offshore Namibia, Shell has allocated a quarter of its 2023-24 offshore deepwater exploration spending to Namibia. The company’s overall exploration budget is around $1 billion.
Enthused by the recent hydrocarbon discoveries on offshore Namibia, Shell has allocated a quarter of its 2023-24 offshore deepwater exploration spending to Namibia. The company’s overall exploration budget is around $1 billion. Shell plans to drill two more wells in Namibia over the next 6 to 9 months with the energy giant citing “encouraging data” for the possible development of a new oil basin in the southern African country, stated CEO Wael Sawan.
Shell plans to drill one exploration well, one appraisal well, and conduct one flow test at its exploration licences offshore Namibia, Sawan said in a call with analysts.
Shell and France’s TotalEnergies have made several promising discoveries in recent years in the country which has no oil and gas production. Shell has made four significant discoveries in Namibia to this date including Graff, La Rona, Lesedi, and Jonker.
The Jonker discovery is expected to hold 2.5 billion barrels of oil in place. Shell has a stake in the PEL-39 concession in Blocks 2913A and 2914B, which sits on Namibia’s prolific Orange Basin. Shell is the operator of the concession with a 45% working interest, along with partners QatarEnergy with a 45% stake and National Petroleum Corporation of Namibia with a 10% stake.
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The supermajor’s only failure in the basin has been the Cullinan-1 probe which was targeting a very different geology: a carbonate structure in the north of its acreage from its successful wells in the south.
